Sunday, November 23, 2008

Financial Rant

So I was getting ready for bed following the Colbert Christmas Special, and I check the Google News Reader and see that the US Government is ready to pull Citigroup's Chestnuts out of the roasting fire. And THAT pisses me off.

See a few years ago the credit card companies used their political influence to change the bankruptcy laws. With the oh so smart Repuglicants in power, they changed the system to where people could not write off debt from unsecured loans like a credit card. See, the system used to be that if the credit card companies kept sending out cards to people they never screened for good credit, then they (credit card companies) got what they were asking for with deadbeat customers.

The system was set up so that the banks had a level of responsibility. They had to protect the customers and the investors. But suddenly the Fox was watching the chicken coop and all the rules got changed. So now if you lose your job in this cluster fuck that will be the economy in the next year... oh yeah, we will not feel the pain until next summer, and then you might be lucky if you can buy a job. SO if you lose your job and you try to save your home and feed your kids and try to hold your shit together until the job market opens up and life returns to normal... you just MIGHT be temped to use one of the 12 or so credit cards you have in that wallet.

And if that new job never shows up, you will lose the house, lose the car, lose your shit and still owe for all of that PLUS the unsecured debt you racked up on your credit card while hoping "Tomorrow is another day." At which point you will be sooooo screwed because you just used borrowed money to pay a debt you can't pay without a job and an income... but you still owe!

Yes the unpaid credit card bill is now on the level of the college loan and unpaid medical bills. You will be hounded to your grave.

On the other hand, when Citigroup blows their wad YOUR government will promise YOUR taxes will bail them out to the tune of $306 billion.

Wasn't the bailout only $700 billion? WTF does this mean most of this shit is all Citigroup's fault? I think it's time to see some nads hanging from all the street lamps that line Wall Street! How many damn times are we supposed to pay the bills of high dollar screw ups while being told we need to solve local problems on the local levels?

All I got to say is there damn well better be some socialist redistribution of wealth around this place. What do you think the executives of Citigroup were paid to run up a $306 billion debacle? How come we asked the big three Auto Industry to retool the way they do business for $25 billion and yet never made one demand of a single business that is getting more than 8 times the amount as Ford, Chrysler and GM combined? The more I think about it, the pissed offier I feel.

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